“SPORFATT
French Atomic Sub Will Use Enriched Uranium
Paris, Jan. 5.
FRENCH Atomic Energy Commissioner, Francis Perrin, today told the Academy of Sciences that the new French atomic submarine Q-244 now under construction would use enriched uranium rather than natural uranium as originally plan- ned,
Perrin told the seventiets that In 1954, France had plannest to Lukhd Atl atic mode
U.S. Shipping Backlog
Still Falling
1
12% 10
urantum but last your this plan wes numudoned.
natural 1984, he tict, pranium as the only nuclear fue that Friner mould propel warships By using rivy
as moderator he said, ppered that a proper atomie submarine could be constructed.
reactor using However, natural tremum would have to bigger one working on enriched initum
water
This, he sold worps aut one of easons why France planned that the Q-244 would be bigger
thal the Nautilus, the firs! U.S.
submarine.
SCRAPPED
THE backlog of work in Thand at
United States shipyards has continued to fall despite the booking of contracts under the first subsidised fleet replacement
The initial project was gerop- programmes.
1 These conitacis, pinced he said, when the An October ended a seven-montity cam
what No new modifying the law on exports period during
wus received
the of nelear fust. The prospect of Cepping industry Its bigdaghtaltung enriched urankim fo bas fallen by 700,000 deadhwchicht | son of the submarine head.
the French designer na over the past year ani nosy | fod and
make the Q-444 chill on dead to, donde to
V k
represents
28
tolk
to began
hout
weight too. The orders by Prapable of benefitting from the
and simplicity of the Lykes Brothers Steamship were, subdity For four 11,000-ton htt
se de Traclear fuel that would your tankers and a liner totalling
any
te produced 150,800 10715 were delivered in
Frative within a few yours {tuber.
One of these .. the Bairacufa ent Company's Sanasibet
.. 40,000-ton super-truker, while
super-tankers
lore
1. unched in the month. REPRESENTED
Some 90 per cent. /ange
W
the
USK order epresented by 58 faulters, with
By day-cargo shijet, three of
PRIETA, two passenger kamers (including the savannah,
ייז
cargo
15p)
five miser llaneous vesels completing the industry's
ider book.
This hiri will be available
y het: at uranium isotope supare- bem pland now being bulli goes anto parallon -France-Presse
THE CHINA MAIL, ・ TUESDAY, JANUARY ́ 6, 1959.
Convertibility-A
Move Not Received
Without
Some Misgivings
By RONALD BOXALL
London, Jan. 5.
as
Page
MISTAKE?
HONGKONG Strength In Top-Ranking
Industrials In New York
STOCK EXCHANGE
Our Own Correspondent
sign of
Business done on the Hong- kong Stock Exchange this week's morning amounted to approxi- mately $403,000. Noon quota-
Welcome though it was
confidence in sterling, last decision to give foreigners the formal and the morning's trans- right to exchange pounds for dollars has
received without
AG
not
been misgivings.
reason
some
actuas were:
Starts PANKS HK Bank INSURLAR 25 Un ti
Buyers Sellers
11:0 10
72 7214 2## 20
NOA
New York, Jan. 5.
Strength in top-ranking industrials and activity in low-priced
shares featured a higher stock market today.
C-
The market was well up at noon. Then it lost ground when the President briefed gressional jeadery on his defence Democrats budget which the Sales
found too small in view of Rus- nia's latest moon sho!.
800 ENTJ 500 pr 45.30
1.20 12.30 18000 12.30
เคร Not everyone whi
valves. But what doos that pressed doubt about the winlod | “RHe extra” nount to? of the Government's choice of
According to tinancial experts. What so pruritios in giving a little more not very much. Foreign holders freedom to sterling, goes na far of sterling now have The right at the it Mr Hugh Guliskell who to sell for dollars
official called Ru "eerious mistake,”
rato <st exchange. Mr Gaitskell, as leader of the Bitherto, if they wanted to sell HK intel Opposition has special
pands for dollars they had to for anxiety. A general election dort on the unofficial markets is due soon and the
York Socialists or Now
or Zurich and hope to win it,
**Transfer- But they know accept
the rate for that their policies are not
ail" stering. But
the 08 authoritieN WATU popular with foreign holders of British
they sterling.
there porting trausternble sterling, sght be
below the flight free the pound this was never far and there is no way to combat elftemi rate.
thai the last-del defence of inconvertibility has been abandoned.
now
won,
Same Conclusion
arrived Oilers have
a the Conclusion Зве
by different routes But their double aro
The
1
The Difference
The difference
(21)
Railroad iscurs pickeri up volume and strength later and some Individued industrials, notably American Telephone, sturied on the upside. Telephone ran up to a new high since 1930, Demand for the rails followed
Colombian Carbon Co. Cununercial Credit Commonwealth Elee. Consolidated Edson Crown Zeilerbach Cuban Amer, Sugar
New York Caten) UUS Elevators Owen-linoln Qians Paclitz Gas & Elec Pan American Airways Parametry Pictures
Morris
Pittsburgh Plate Cl
Publcker industries
Campbell Soup Co Examdiena Paclite R.
MAJI Co
tal. Tractor
BOLL
401% Motorola Inc. 29% National Cast: Reg. 2011
00
National Dairy Prod
403
National Lend
Celanese Vorp
2834
Case Manhattan Bank
0034
701
Chrysler Motors
0314
Colgate-Paunaliva
Co.
0014
4842
10
36
Bel
381
33
Pure Ou
Dupton Alteraft
50
Radio Corporallon
Dow Chemical ...
767%
Dupont sɖe Nemours
2109%
Reynolds Metal
kas.em Airlines
33%
Seuss, Roebuck & Co.
101
Shell O Co
32
130
Sain! Reg. Paper
Sinclair Ou
80
Bolar Aircraft
04
South Puerto en Suger
80
Southern Co. (The)
20%
Scuthern National Gas
50a
Southern Railway (Com.) Standard Ol) of Cal.
Aiman Kodak ..
Family Finance Corp
publication on the car loadings | rizestine Tyre & Rubber
the week ending | First Nat. Chy Bank
22.40 | report for
Ford Motor
General Electriv
SHIPPING Wheelock DOCKS, ETC.
Luck
1,00 B.TO
1000 m
5.00
K
Provident,
101
LAND, STC
22.00 2000 k Lond.
12.30 30ły 3000 00
30.20
Humphreys Realty RUBBER Amale
16.00
1.55 4000
December 27, That showed a 30 rise of 51⁄2 per cent over the year before, the first year-to-yeny rise 1,520 since August 5.
General Foode
General Motors
Oen. Pub, Util
Getty Oil
Goodrich (B. P Co
A
Tsh 2 423
Goodyear Tyro
Sungai
230
Gult Of
UTILITIES
Fruits
400 27 20
Galina
Homestake Maning Co.
gior Terry
U
lib
in
Ingersoll-land
103
900 a
200
(". Light
309777 16.20
Fairie
41 rise more than a point in General Electric helped it industrials to a record high, The motors ruled firm with Chrysler the leader.
of
Juti 701 & Tel
between thas and the de foclo cutivertibility
foreigners new syste Is that now have formal right to sell
unds for dollars and they get Maan E the full rate of exchange whien
and
182 1813 3300 ## 1,829
2000
27.10 27.40
: 0.4 in.77 2000 và
1600
1.00
23, 23.70 200 25.10 1000 18 20.00
ephone INDUSTRIALS
215
24 10
Dairy Waln
ta
26
14.6o 13.40 13,00
300 m
Lane, Craw COTTONS
14 70
300 @ 13.56 14.30 500
Nerang
MISCELLANEOUS
Vility INVESTMENTS
33.420 4.50
15
-400 @
0.70
Int. Toy Allier
IK. & T.E.
is slightly to the advantage se strong that they consider the The last quotation for transter-RËS, ETC.
maslake INL 1140 14
able sterling was $2.798 to the serious one.
alhist the official rate They recogIUNO
British $2.80 7/10 to the pound.) Government may have had sur! Now that foreign's wishing edilce but to do what they did, to exchange pounds for dollars tien ween ther dil.
o doo with the betal bless Convermany
always ing and the much fetimerative ben one of the main objectives, Fläcm Fxchange business will of British ecznie.
Treat policy and ve
Now York this was suffirmed 111 the Zarrich to London The British revent Montreal Coteltience. The¦ balance of paynents will • )str | Government
muy bave pre- 1. fe
additional whe ferrei to wall fr Title wide business in
London gold longer
befe riking This market row that it is no longer irrevocable sleg, but they wap tahtable to evil gold in freigh
the ude Light up
of Centres gemst heap sterl
For -- France Wis Kulfi nar | ditions with art always be s emony in order in preparation 4. vourable as they are a presetit for the Feminencermetti of the sterling. There are a mamber Cominion Market at the berinjor reason why foreigners inay ning of the year. The de Gaulle
Rotodyne Breaks Two European events. Helicopter Records
London, Jan. 5, de Bust alom-perwered mercham THE Rotodyne combination airplane-helicopter, built by the Fairey Company, to- day broke into helicopter speed records, flying a course between Waltham and Hun- gerford,
The liner delivered in October Was Car Line's Santa Paula 9 pixilders have not bees on
their assessment of couraged the future cutlook by the Nort made by M:
Bea
Narches alter the lauine mong
bulk cotter, Princess Sepinte
ay sustained inquiet at inates nud demand fos lanket Uge was still a yeay away
that unly The news Problars remaned
11 be exoivel before the started
#
Government intended to devalue The fray and nake it - vertible Germany was ready und eager to set the Mark free.
Could Not
Britain could not stand aside As an international CULPERCY, sterling would not be kept in its protective rocout of exchange less - ince other tris rtan Farrenetes had been set free To have done so wild have been an irreparable blow to confidence in the pound„
was made
The expler ortered stent #25 mi
average speed of framties per hom, beating by 19 miles per hour the previous
wt for speed o
Pleseci enurse, and setting a new record for absolute speed by 29 miles per hour.
Once the decision Both previns records
by the other European countries, were held by the United State-
more hamn would have The Rotodyne was piloted b
done to the pound by keeping tanker ordered Irem Bethlehem Squadron Leader W. R. Gellutiv.
entruction of
100.000-11
been
Steel-o be the world's largest The craft is capable of transportit Inconvertlil than by giving
vessel-was, how-g commerical ever, welcome to the industry
48
Presse.
passengers.-France-
COMMODITY
FOREIGN EXCHANGE
LONDON
Closing rates were
New York
Montreal
Amsterdam
Coperagen
Trankfurt Lisbon Milan...
Dilo
Path
Stockholm
Vienna
Dihers unchanged
3996-7710-2 ára 270-11/10-2 70-13/16
quoted
19 34-19.342
11 22-11.7214 00.35-40 30 174514-174034, 20.00-20 21 13.74-13.70
14 GU-14.01
72,10-73.70%
New York exchange ubuvailable.U‚PJ,
rates
were
COTTON
NEW YORK
SAO PAULO
Closing Tutures prices,
enizelos
kilo were per
.11
follows:
Jan: 00.50; Mar 08:10; May: $7 BOL July 07.20; Det: 87 40: Dec: 07.00.
average
in th United States, The price of one-inch cotton at 14 designated spot markets was 34.35 cents.
Total sales were 13,970 bales. UJJ
RUBBER
Rex
NEW YORK
rubber futures
closed 22 to 35 points higher
with sales of 50 contracts,
Closing prices:
von: 30,50, Mor: 30.40: May: 30.17; July: 30 Bept: 20.40:
Jan: 29.75.
SINGAPORE
it that little extra freedorn thin
"external ennvertibility** in-
PRICES
SUGAR
New York, Jan, 5. World No. 4 sugar futures today closed one to four points lower with sales of 703 co tracts.
sugur closed Domestic No. 0 unchanged to two points higher with sales of 113 coniracis, Contract Nu, 4 (world)
March May
July
September
October March Mux
from
Yet oubts ronag
CITY LIGI
and this is our juntor
the City Something in
set --
London Axpress Berite
Inver
Strong
In
Upward Surge
London
London, Jan. 5.
4
Telephones
American Telephones outalic
gain ran to three points, of more than two points Eastman Kodak, and Inter- national Paper and
В
Colgate Palmolive rat up Ave points early in the day on late opening on rumours of a dividend risc or stock split which the company refused to confirm or deny. Some of this was lost later. Zenith ran up mix and a half and held a part of the gain.
Activity centred on many low priced issues and a few recog- nised teaders Santa Fe and New York Central were lifted into the actives by blocks of 15,0000 und 12,000 shares respectively.
So
Electrical & Musical Indus- tries pautes were active. was the lowly Benguet.
New York Stock Exchange bond volume was $7,400,000.
American
Stock Exchange volume was 1,810,000 shares.
New York Stock Exchange volume was 4,210,000 shares.
Of a total 1,279 issues truded, 650 were higher, 433 lower,
Duw-Jones closing averages were: 500.17
20 rails 13 uities
The outstanding feature of
London stock markets 10-30 industriala day was the strong up- ward surge in gilt-edged stocks securities.
was stimulated Buying
innness the continuc sterling and by recent favour. The uble tivestment comment. institutions were said to have bven operating on a large
and scule
I WRA Buzgested
dematid that Jú large coming from the continent.
went sharply clored at th
Prices
extending
thirteen sixteenths.
American Airline
Glidden Co.
Int'l Business Machines
Int'l Harvester
International Nickel
International Paper
John-Manyilte Co.
Kankar C. Power & Light
Kennerot: Copper
Lockheed Aircraft
Loews Incorp.
Lone Star Cement Ca Lowenstein & Sons, McDonnell Aircraft
Siuck Exgc. Mesabi Iron Corp. Minnesla Mining
Mission Development Bontgomery Ward
*
Reptile Steel
по
2636 Standerd Oil of Ind Standard OB of NJ Sterling Drug Co. 12134 | Stokely Van Cap 128 Studebaker-Packard Corp
455 Swift B Co.
Тежая Со
Jide Water Ammi Ou Time Ine
Twentieth Century Fox Film
*2
9. "B
B83%
11P3
Union Carbide.
8346
Melon Pelle Rollway
United Afteraft
621%
Vated Fut
50
United Gas Corp
072
ロイ
207
US dyn
US Line ('n
37
U.S. Rubber
US Smelting
(Am
US
3416
35
113
2J
43
P.O
Steel
Warner Bras
Westinghouse Electric
Western Union Tel. (u
Woolworll
-U.P.J
B·I│E&A
COMPANIES
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL S.N. CO.
Butwards "CANTON"
1.eaver 15.
Salet 12/12
Dur Hongkong
11th January
+
"COROMANDEL" Sadet 79/11
14th January
2
"SURAT"
"CHUSAN"
"SOMALI"
"CORFU" "SALSETTE"
Homewards
"SOUDAN" "CANTON"
CHUSAN" "CORFU" "CARTHAGE"
Sulled M/12
$42 Soled
ርኒነ Jutures
D January
2nd February
181h January
19th January
10th Petiruary
tit
February
181.00
01.33
203 04
4 bonds Colru
80.15
future prer mex
1499
Uy ol
Closing Prices
Alden Inc. May, Allied Chemicala
Allis Chalmers
was
abou best with about
in Gas & Elect Am Mach, & dry American Metal American Smelling ARI. Sugar Rat American TEL & American Tob.
33
Tel "B"
228
9014
Anaconda Copper
Armco Steel
242
Alloa Cone, Mining Baldwin-Laina-18 ani, Caftimore & alo Beneficial Financo
47
2015
Hendix Aviation Corp
Con Benguet Bethieltein Steel
02'.
404
"PADANA"
Very Firm
4ML
some day decide that it is - prudent to remove their balances from London-for example, In the foreign bonds Getman, isulta crisis of confidence such as was
Greek
Japanese Jars
one experienced at the time of the improved
feature of rails. g was thr Suez crisis or temporary pre-
Currency Trans-Atlantic stocks generally Ierence for another
1 response Preze of revalua- (perhaps on hopes
Steet r.sc tlon). Britain has experienced to Friday's Vall
American her vid and
on Invonracis mos un
dollar and reserves in the
past for just business forecasts. such reasons and there is no andust:tals made a promising reuson to suppose that she won't ogain
Much Harder
311
V.ry
start in remorse to a selective demand, but when pront- tak ng developed later prices reacted and lessen predominated at the close.
There was again a very large turnover in British Aluminium which closed slight, casier, while Tube Investments were several shillings lower.
I If there is a flight from the
pound, the fact of
formal con- vertibility will make it ell the harder to protect the reserves. shares And mennires that would have to be taken higher bank rate and so on--would hurt Britain's 133 internal economy.
334 333
3.33
3.71
232
Mr Gaitskell and thuse
A Setback
who Stgel pheres suffered share his views believe That further setback and engineering
3.38 Internal economy
will be hurt and electrical equipment shares
348 even if there is no flight from lost ground. Leading tobaccos
the pound.
They reason were lower and breweries were (rightly) that the need at
to the general 4 dull, Contrary present is to encourage economic trend electric
and
musical 73xpansion at home. and (con industries were 8.73 troversially) that the
spot.
Govern-
tuluy
Apra
(ceata per ib. fub, Cuba)
Open Interest: 8,700) contracts..
Contract No. 6 (domestic)
Nov: 20.05;
3erch May July Beptember
6.72
0.00
November
0.00
Ypel, (cente per 36 2.3.4. NÝ
nx-duty Open interest: 2.100 contracts.
0.60
-U.P.L
ment will now hesitate to use impro the meana thet are ready at hand to bring about this
Oil shares were pansion for fear of weakening foreign confidence in the value mainly lower on balance. of the pound.
comument.
ex-
оп
But the mos!
COMMOT
criticis
strong
Te maiket opened at slight Prices of cotton futures closed decite and ruled quiet at lower
today as follows:
Spot: 35.70 noms Mar: 54.70-71: Max: 54.04 July: ani-82; Oct: 31. Dec: 31.00: Mar: 31,50) May
* 31.12
NEW ORLEAND
levels.
in The market was steadier
better with alternoon the Interest in one sheet and com- Unued buying in lower shoots. Futures:
No. 1 rubber per tb, Jan. 80-80%
Feb. 16K
Prices of collon futures.clos- No. 2 robber per 1b. Zan. 13-835 ed today as follows:
No. 3 rubber per th. Jan, 03-246
Spot, var.
Spot: 33.18: Mari 3.80; MAY! Mbber uns in Ja 34.80 July: 3181; OM: 178; Dee: B1M; Mar: 31:701 Mayı 81,70,
LIVERPOOL
Cotton future closings, in pence per ib, were as follows: ¡American Conierei ' Mar/April: 92,10 May/Junes 81481 Jury/buat 20:40; 06/NÓVI 10.00: D4/1 39.00.
creen Metandi Dönizset
MWZAUDIO LE PHI May/June: 21:45. TEMIZAM FIEND!" Un/Hovi, 1980),
Ilankei crepe ......................... No. 1 pels trupe motza
LONDON The rubber merket WAR VETY steady with spot
quoted at 24-11/18 pence per ib. Prices;
**** 2431-3495 „Beittement haves termit
2
Mar April/June
Elenseal markets, elf" baaf JA. Pél, and March ...
Adte erese thin Fân, Katité orape thick Jan, 2.
2. Rubber shares were
Armour
Boeing Airplane
UK Should Rely On Canada For Oil Says Economist
to
London, Jan. 5. Britain should develop oil
production in Canada free herself from the po- litical uncertainties hor'presont midin suppliers, Venezuela and the Middid East, an English econom- ist said today.
of
a particularly Shipping shares on favourable press
erralle and
Writing in the week's Issue of quietly the Petroleum Times, Dr Goorge but
shares were Tugenhat said, "Canada in the only country with large oli (If that is not too neglected.
South African gold shares reserves which can be developed Word) is that the
selective demand but immediately and imported meta Govertiment might have been
free from political Interference Irregulae. There wiser to remove some of the closed
and at prices competitive with restrictions un dollar imports to no marked response to the re- LONDON
test the relative
strength of dution in the South African hops of Venezuela and the
bank fate to four por cent, Middle East." Priece of matals closed lo- sterling and dollar betere they Copper shares filled to hold day in sterling per long, lonas took the one-way road to co their initial gains. Elsewhere Canadian West, Tusenhat urged vertibility.London Express Consolidated Zine were firm on
vague take-over-talk-Router.
METALS
follows!
Tie
Spot 3-month Copper
Spot
month Lend Iri halt.
Jath. April
Buyers Sellars | Services
; סנד
100
‛་་
0
Exchange Shut
Dueños, Aires; Jan. 0. Argentina's Central Boilk to- 75 day instructed diner usisks and exchange buredux so keep kk- 781 chatige operations closed down 12: unit Jantiery 10. –
No felon for, the HEW Instruallon was givan-uluillès,
was
To
the
oll from bring
construction of 2,400-mite pipe- line free Edmonton to Hallies.
of capable
handling 200,000
Exchange Rateserrell a day.
Ite almo nulad that The Builken was done in the focal interests now controlling, all unortiolai exchange market thu morning, at the following Patening marketing dutista - la eastern 17| Caladin and Eritain, must "Malco Berling notes diper: £1) lon 196m for (western) Curiacian Auricilan soser(DWC CUP) 14|61) valiver them, conlinuse”, tg. Indonesian rupiah spot 100),
#| depend on - Middia Mingapore (Nirutta)
„Vinatpelões Imports.--U.P.L
19th February
Leaves Hongkong
Dlh January 14th January
17th March Due London
14th February
March
2nd February
13th February 16th March
131
March
13th
April
Via S'pore, Penang, Colombo, Bombay, Aden & Pt. Brid,
*ROL DAY" extends to Hamburi, Rotterdam & Antwerp,
aald mamita Colombo & Bombay VERLAAN" also calla al Naples, Atarieilles & Gibralter.
BRITISH INDIA S.N. CO., LTD.
due 18th Jan. mta sachi Jan.
"SANTHIA"
due 20th Jan.
salle fist Jan,
from Japan
for Singapore, Penang. Rangoon, Calcula Chitinuong
from Japan
+
for Calcutta, Rangoon, Panang & Singapore
P. & O./B. I. JOINT SERVICE
"OLINDA"
In fort
alls 4th Jan,
Dth Jan, salle 11th Jan.
"UMARIA"
dire
*
*
*
*
"OBRA"
Que sath Jan, qallu 15tin Jud.
"OZARDA"
Que tõli Jars,
frdin Japon (NA
for Bingapore, TenadY, Madrass Cochin. Bom“ bay, Bhavnagar Para- bunder Kandla de Kara-
Chi
from Jupan
for Singapore, Dibal,
Bsarah. Khorramshahr
Karachi
(rom Japan & Shanghai lar Singapore, Bemony, Karachi, Dural, Kuwait, Laurats
Khorrama
shahr
from Karachi, Dombay Be Coshin palls, 1913) Jan. for Japen
EASTERN & AUSTRALIAN S.S. CÓ., LTD.
"ANAFURA"
Di Port
from Japan & Shanghal dia 70 Jan. for Labuan, Bandstan, ** Brisbane, Bydney News rustia, Malbourne Adelaide
"NELLORE" E
1
day - Šili Jan, from „Australia salis nifi Jani, for Japan
All-vesiale „húrə İlbárty in call at 'ady (ports on ur off (16 roule & the route & arflings are subjret lo ebinte or amendment with or without notice,.
For full porfiendsees ongly fn MACKINNON MACKENZIE & CH
+
*
*
No comments yet.
Private notes are available after approval.